THE RUPEE HIT another fresh low of 84.96 to a dollar on Wednesday, as there was buying demand from foreign portfolio investors and importers ahead of the US Federal Reserve's policy announcement, wherein there are expectations of a 25 basis point (bps) rate cut.
Market participants expect the rupee to touch the psychologically crucial mark of 85 sooner than later, despite the intervention of the Reserve Bank of India, as the dollar has continued to gain momentum. Investors anticipate Jerome Powell, US Federal Reserve Chair, to be slightly hawkish in his commentary regarding going forward outlook. This would push the dollar index and yields on the US Treasury notes upwards.
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